公司為何公開收購?

公司買回其庫藏股主要有兩種方式，分別為從公開市場上買回庫藏股票抑或是利用公開收購之方式購入庫藏股票。本研究在於探討並且分析具備何種特質之公司將會影響其選擇買回庫藏股之方式。而所採用之樣本數為從西元1985年一月至西元2004年十二月之資料，包括317筆利用公開收購之方式購買庫藏股之資料以及7909筆從公開市場上買回庫藏股票之資料。本研究之目標為評估何種型態之公司偏好利用公開收購之方式買回其庫藏股票，即使需要付出相較於從公開市場上買回為高之成本。本研究結果顯視規模較小、擁有較高現金流量、以及槓桿比率較高之公司較傾向於利用公開收購之方式購買庫藏股來分配多餘之現金、避免敵意收購、以及有效地向市場傳遞消息。

關鍵字

庫藏股

並列摘要

This paper examines on firms' choices of repurchase terms and analyzes firms' characteristics to understand the information revealed by their choices of activities. A sample of 317 tender offers and 7909 open market repurchases that took place between January 1985 and December 2004 are investigated. The objective is to assess which types of companies will prefer to choose tender offers as their repurchase method, even-though the cost of conducting such method is much higher than open-market repurchases. As the results, companies with smaller size, higher cash-flow, and higher leverage ratio are likely to adopt tender offers as their means for distributing excess cash, preventing hostile take over, and providing strong signalling effectiveness to the market accordingly.

並列關鍵字

Tender offers ； Open-Market Repurchase ； Signalling Hypothesis ； Agency Cost of Free Cash Flow ； Leverage ； Catering Theory

參考文獻

Alon Brav, John R. Graham, Campbell R. Harvey, Roni Michaley,“Payout policy in the 21st century."Journal of Financial Economics, no.77 (2005): 483-527

Armen Hovakimian, “The Role of Target Leverage in Security Issues and Repurchases.”Journal of Business, no.4,October 2

Black, Fisher, 1976. “The Dividend Puzzle."Journal of Portfolio Management 5-8

Baker, M. and Wurgler J. “A Catering Theory of Dividends.” Journal of Finance no.59 (2004):1125- 1165

Brennan, M., and A. Thakor. “ Shareholder Prefereneces and Dividend Policy.” Journal of Finance 45 no. 4 (1990): 993-1019

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公司為何公開收購?

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